Stories for December 1st 2016

Magallanes Region, in the extreme south of Chile, was the region with the strongest economic activity during the third quarter compared to the same period a year ago. Magallanes was closely followed by the regions of Tarapacá and Atacama to the north of the country, according to the latest release from the stats office, INE.

President Michel Temer said that “Brazil doesn’t have solid institutions” and that is why, “small factoids” menace the country’s institutional framework. Temer made such statements during an event Monday evening with private businessmen.

Brazil is getting ready for a blockbuster 2017 harvest and booming exports, amid favorable weather forecasts, according to recent estimates. With a plentiful harvest expected, Brazil’s National Grain Association predicts grain exports will rebound, with soybean exports of 60 MT in 2017, compared with some 51 MT for 2016. Corn exports will increase to 30 MT, compared with some 18.5 MT in 2016, the association reported.

Brazilian opposition party filed a petition for the impeachment of President Michel Temer, underlining the growing difficulties facing the centre-right leader as he tries to introduce austerity reforms.

The Argentine Senate passed Wednesday the 2017 National Public Administration Budget bill and approved a reform to the Financial Administration Law, which limits the Executive Branch's discretion and power to reallocate budget items.

As the Organization of Petroleum Exporting Countries (OPEC) has reached a deal among all 14 members to cut oil production for the first time since 2008, Russia's Energy Minister Alexander Novak said his country was ready to do its part by reducing 300,000 barrels per day in the first half of 2017, provided OPEC adheres to the level of 32.5 mln barrels daily adjusted for Indonesia and on condition of maximum reciprocity from other non-OPEC countries. Russia is not an OPEC member.

Ecuadorian President Rafael Correa has called for the resignation of all his ministers, an ordinary practice as the Executive is set to evaluate the state of things, the National Secretariat of Communication (Secom) said Wednesday.

Fans of Chapecoense, the Brazilian football club enjoying a fairy tale season until almost wiped out in a plane crash, wept outside the stadium on Tuesday. All year, the once struggling, impoverished club had delighted the people of Chapeco, a city of about 200,000 in Santa Catarina state. Now, only grief remains.

Brazil's central bank cut its key interest rate Wednesday for the second month running, as data showed that the recession hitting Latin America's largest economy continued into the third quarter. The central bank lowered the benchmark Selic rate by a quarter of a percentage point, to 13.75% -- still one of the world's highest.

Argentina will never be able to reassert its sovereignty claims over the Falkland Islands under the watchful eye of Donald Trump who will back Britain, according to Ian Shields OBE, a leading academic and international relations lecturer at Anglia Ruskin University and former RAF Group Captain